In a bold move to reshape U.S. immigration policy, President Donald Trump recently announced plans for a new visa program dubbed the "gold card," which will be available for a fee of $5 million. This initiative is designed to attract wealthy foreigners seeking residency and citizenship in the United States, effectively replacing the existing EB-5 investor visa program.

During a recent press meeting in the Oval Office, Trump emphasized that the gold card would offer similar privileges to those provided by a traditional green card but at a significantly higher price. “We’re going to be selling a gold card. You have a green card; this is a gold card. We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, plus a route to citizenship,” he stated. He argued that this program would not only attract wealthy individuals but also generate substantial revenue for the U.S. economy.

According to Commerce Secretary Howard Lutnick, there are currently 250,000 individuals waiting for a chance to purchase these gold cards. “If they’re willing to pay the $5 million, that’s over a trillion dollars that comes directly to the country,” Lutnick noted in a recent interview. He assured that all applicants would undergo rigorous vetting to ensure they meet the program's high standards, referring to them as “wonderful, world-class global citizens.”

The move has sparked considerable debate, particularly among immigration law experts who question the legality of terminating the EB-5 program, which was established by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Critics have argued that while the gold card plan might appeal to wealthier segments, it leaves behind many deserving applicants who are still waiting in lengthy green card backlogs. “It’s a direct path for the rich to buy their way into the country,” remarked one immigration attorney.

Furthermore, the gold card’s price tag marks a significant increase from the current EB-5 program, which requires an investment of at least $1 million—or $800,000 in targeted employment areas—while also mandating job creation for American workers. The Trump administration views the gold card as a way to eliminate abuses seen in the EB-5 program while providing a direct influx of money into the U.S. treasury.

As discussions continue regarding the specifics of the program, including eligibility limitations and the absence of a cap on applications, the gold card proposal is set to reshape how the United States approaches immigration for wealthy individuals. While other countries offer similar investment programs, such as Golden Visas, the U.S. initiative's structure remains distinct, creating a potential-new path to citizenship that is reliant solely on financial capability.

For further updates and analysis on Trump's immigration plans and how they may affect both the U.S. economy and immigration policies globally, stay tuned to our coverage.